Club members unanimously backed the proposed change of the club’s status to a Charitable Incorporated Organisation at an EGM on Thursday 16 March 2017.
As part of this process members authorised the club’s committee to transfer the assets and liabilities of the club to the CIO and then dissolve the club. The process of transferring the assets and liabilities of the club was approved by committee members at a meeting on Wednesday 18 October and the transfer took place on Wednesday 1 November 2017.
The club’s application for CIO status was accepted on 22 June 2017 and our Registered Charity Number is 1173532.
Over the course of 2016 and 2017, the club committee considered the legal form the club should take going forward.
Having taken advice from our club sponsors, Leathes Prior Solicitors, the decision was made to recommend to members that we incorporate the club as a Charitable Incorporated Organisation (“CIO”).
This structure has many benefits, including limited liability for its members and officers, relatively simple administration and tax advantages.
1. A CIO is a legal entity and can enter into contracts and own property in its own right.
2. Trustees and members have limited liability.
3. It will be easier to seek grants because the Club is a charity, regulated by the Charity Commission.
4. There are tax advantages in relation to donations, taxable profits and VAT exemptions.